Advanced Information Technology Public Company Limited Report and interim financial statements For the three-month and nine-month periods ended 30 September 2016
Independent Auditor’s Report on Review of Interim Financial Information
To the Shareholders of Advanced Information Technology Public Company Limited
I have reviewed the accompanying statement of financial position in which equity method is
applied of Advanced Information Technology Public Company Limited as at 30 September 2016,
the related statements of comprehensive income for the three-month and nine-month periods then
ended, changes in shareholders’ equity and cash flows for the nine-month period then ended, as
well as the condensed notes to the financial statements. I have also reviewed the separate financial
information of Advanced Information Technology Public Company Limited for the same periods.
Management is responsible for the preparation and presentation of this interim financial information
in accordance with Thai Accounting Standard 34 Interim Financial Reporting. My responsibility is to
express a conclusion on this interim financial information based on my review.
Scope of Review
I conducted my review in accordance with Thai Standard on Review Engagements 2410, Review
of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of
interim financial information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review
is substantially less in scope than an audit conducted in accordance with Thai Standards on
Auditing and consequently does not enable me to obtain assurance that I would become aware of
all significant matters that might be identified in an audit. Accordingly, I do not express an audit
opinion.
Conclusion
Based on my review, nothing has come to my attention that causes me to believe that the
accompanying interim financial information is not prepared, in all material respects, in accordance
with Thai Accounting Standard 34 Interim Financial Reporting.
Manee Rattanabunnakit
Certified Public Accountant (Thailand) No. 5313
EY Office Limited
Bangkok: 8 November 2016
Advanced Information Technology Public Company Limited
Statement of financial position
As at 30 September 2016
(Unit: Thousand Baht)
Note 30 September 2016 31 December 2015 30 September 2016 31 December 2015
(Unaudited (Audited) (Unaudited (Audited)
but reviewed) but reviewed)
Assets
Current assets
Cash and cash equivalents 1,581,919 1,291,641 1,581,919 1,291,641
Current investments - trading securities - 504,834 - 504,834
Trade and other receivables 3 1,509,186 1,596,038 1,509,186 1,596,038
Unbilled receivables 501,989 302,834 501,989 302,834
Inventories 226,103 462,820 226,103 462,820
Other current assets 77,168 21,586 77,168 21,586
Total current assets 3,896,365 4,179,753 3,896,365 4,179,753
Non-current assets
Investments in jointly controlled entities 4 48,494 57,776 79,000 75,000
Property, plant and equipment 5 125,647 125,887 125,647 125,887
Equipment for lease 6 184,457 246,664 184,457 246,664
Intangible assets 7 23,982 21,979 23,982 21,979
Deferred tax assets 43,548 31,901 43,548 31,901
Other non-current assets 8,689 8,543 8,689 8,543
Total non-current assets 434,817 492,750 465,323 509,974
Total assets 4,331,182 4,672,503 4,361,688 4,689,727
The accompanying notes are an integral part of the financial statements.
Financial statements
Separate financial statements in which equity method is applied
Advanced Information Technology Public Company Limited
Statement of financial position (continued)
As at 30 September 2016
(Unit: Thousand Baht)
Note 30 September 2016 31 December 2015 30 September 2016 31 December 2015
(Unaudited (Audited) (Unaudited (Audited)
but reviewed) but reviewed)
Liabilities and shareholders' equity
Current liabilities
Trade and other payables 8 530,450 745,165 530,450 745,165
Unbilled payables 601,544 638,750 601,544 638,750
Current portion of long-term loans 9 51,360 51,690 51,360 51,690
Current portion of liabilities under finance
lease agreements 10 19,032 22,676 19,032 22,676
Income tax payable 17,760 21,443 17,760 21,443
Advanced receipts from customers 51,429 36,489 51,429 36,489
Provision for penalty on projects delay 77,618 53,038 77,618 53,038
Other current liabilities 65,585 75,516 65,585 75,516
Total current liabilities 1,414,778 1,644,767 1,414,778 1,644,767
Non-current liabilities
Long-term loans, net of current portion 9 41,800 80,320 41,800 80,320
Liabilities under finance lease agreements,
net of current portion 10 38,225 24,810 38,225 24,810
Provision for long-term employee benefits 68,179 60,250 68,179 60,250
Total non-current liabilities 148,204 165,380 148,204 165,380
Total liabilities 1,562,982 1,810,147 1,562,982 1,810,147
The accompanying notes are an integral part of the financial statements.
Financial statements
in which equity method is applied Separate financial statements
Advanced Information Technology Public Company Limited
Statement of financial position (continued)
As at 30 September 2016
(Unit: Thousand Baht)
30 September 2016 31 December 2015 30 September 2016 31 December 2015
(Unaudited (Audited) (Unaudited (Audited)
but reviewed) but reviewed)
Shareholders' equity
Share capital
Registered
206,320,897 ordinary shares of Baht 5 each 1,031,604 1,031,604 1,031,604 1,031,604
Issued and fully paid-up
206,320,897 ordinary shares of Baht 5 each 1,031,604 1,031,604 1,031,604 1,031,604
Share premium 303,437 303,437 303,437 303,437
Retained earnings
Appropriated-statutory reserve 103,161 103,161 103,161 103,161
Unappropriated 1,329,998 1,424,154 1,360,504 1,441,378
Total shareholders' equity 2,768,200 2,862,356 2,798,706 2,879,580
Total liabilities and shareholders' equity 4,331,182 4,672,503 4,361,688 4,689,727
- - - -
The accompanying notes are an integral part of the financial statements.
Directors
in which equity method is applied Separate financial statements
Financial statements
(Unaudited but reviewed)
Advanced Information Technology Public Company Limited
Statement of comprehensive income
For the three-month period ended 30 September 2016
(Unit: Thousand Baht except earnings per share expressed in Baht)
Financial statements
in which
equity method Consolidated
is applied financial statements
Note 2016 2015 2016 2015
Profit or loss
Revenues
Sales and service income 1,084,557 1,088,703 1,084,557 1,063,406
Rental and service income from equipment for lease 42,194 33,751 42,194 33,751
Gain on sale of investments in subsidiary - 37,283 - -
Other income 17,731 14,634 17,731 14,407
Total revenues 1,144,482 1,174,371 1,144,482 1,111,564
Expenses
Cost of sales and service 818,069 845,000 818,069 823,398
Cost of equipment for lease 25,087 21,580 25,087 21,580
Selling expenses 71,066 61,945 71,066 60,884
Administrative expenses 93,724 74,089 93,724 65,228
Total expenses 1,007,946 1,002,614 1,007,946 971,090
Profit before share of loss from investments
in jointly controlled entities, finance cost
and income tax expenses 136,536 171,757 136,536 140,474
Share of loss from investments in jointly controlled entities 4 (5,010) (2,505) - -
Profit before finance cost and income tax expenses 131,526 169,252 136,536 140,474
Finance cost (372) (1,009) (372) (143)
Profit before income tax expenses 131,154 168,243 136,164 140,331
Income tax expenses 11 (29,120) (21,121) (29,120) (21,429)
Profit for the period 102,034 147,122 107,044 118,902
Other comprehensive income for the period - - - -
Total comprehensive income for the period 102,034 147,122 107,044 118,902
Profit (loss) attributable to
Equity holders of the Company 102,034 148,835 107,044 118,902
Non-controlling interests of the subsidiaries - (1,713)
102,034 147,122
Basic earnings per share 12
Profit attributable to equity holders of the Company 0.49 0.72 0.52 0.58
The accompanying notes are an integral part of the financial statements.
Separate financial statements
(Unaudited but reviewed)
Advanced Information Technology Public Company Limited
Statement of comprehensive income
For the nine-month period ended 30 September 2016
(Unit: Thousand Baht except earnings per share expressed in Baht)
Financial statements
in which
equity method Consolidated
is applied financial statements
Note 2016 2015 2016 2015
Profit or loss
Revenues
Sales and service income 3,322,149 3,652,976 3,322,149 3,553,643
Rental and service income from equipment for lease 120,999 96,549 120,999 96,549
Gain on sale of investments in subsidiary - 37,283 - -
Other income 36,205 51,217 36,205 50,741
Total revenues 3,479,353 3,838,025 3,479,353 3,700,933
Expenses
Cost of sales and service 2,541,506 2,773,825 2,541,506 2,690,230
Cost of equipment for lease 75,417 65,975 75,417 65,975
Selling expenses 191,579 214,958 191,579 210,645
Administrative expenses 249,280 261,279 249,280 223,715
Total expenses 3,057,782 3,316,037 3,057,782 3,190,565
Profit before share of loss from investments
in jointly controlled entities, finance cost
and income tax expenses 421,571 521,988 421,571 510,368
Share of loss from investments in jointly controlled entities 4 (13,282) (10,218) - -
Profit before finance cost and income tax expenses 408,289 511,770 421,571 510,368
Finance cost (1,213) (4,913) (1,213) (462)
Profit before income tax expenses 407,076 506,857 420,358 509,906
Income tax expenses 11 (88,590) (101,195) (88,590) (102,425)
Profit for the period 318,486 405,662 331,768 407,481
Other comprehensive income for the period - - - -
Total comprehensive income for the period 318,486 405,662 331,768 407,481
Profit (loss) attributable to
Equity holders of the Company 318,486 415,677 331,768 407,481
Non-controlling interests of the subsidiaries - (10,015)
318,486 405,662
Basic earnings per share 12
Profit attributable to equity holders of the Company 1.54 2.01 1.61 1.97
The accompanying notes are an integral part of the financial statements.
Separate financial statements
(Unaudited but reviewed)
Advanced Information Technology Public Company Limited
Statement of changes in shareholders' equity
For the nine-month period ended 30 September 2016
(Unit: Thousand Baht)
Other components
of equity
Deficit on investment Equity
due to change Total attributable to
Issued and in proportion of equity attributable non-controlling Total
paid-up Share shareholding in to owners interests shareholders'
share capital premium Appropriated Unappropriated subsidiary of the Company of the subsidiaries equity
Balance as at 1 January 2015 1,031,604 303,437 97,200 1,238,035 - 2,670,276 11,026 2,681,302
Deficit on investment in subsidiary arising as
a result of acquisition of additional shares
at a price over than the net book value of
the subsidiary at the acquisition date - - - - (11,100) (11,100) 11,100 -
Total comprehensive income for the period - - - 415,677 - 415,677 (10,015) 405,662
Dividend paid (Note 13) - - - (340,429) - (340,429) - (340,429)
Sales of investment in subsidiary - - - - 11,100 11,100 (12,111) (1,011)
Balance as at 30 September 2015 1,031,604 303,437 97,200 1,313,283 - 2,745,524 - 2,745,524
(Unit: Thousand Baht)
Issued and Total
paid-up Share shareholders'
share capital premium Appropriated Unappropriated equity
Balance as at 1 January 2016 1,031,604 303,437 103,161 1,424,154 2,862,356
Total comprehensive income for the period - - - 318,486 318,486
Dividend paid (Note 13) - - - (412,642) (412,642)
Balance as at 30 September 2016 1,031,604 303,437 103,161 1,329,998 2,768,200
-
The accompanying notes are an integral part of the financial statements.
Retained earnings
Consolidated financial statements
Retained earnings
Equity attributable to owners of the Company
Financial statements in which equity method is applied
(Unaudited but reviewed)
Advanced Information Technology Public Company Limited
Statement of changes in shareholders' equity (continued)
For the nine-month period ended 30 September 2016
(Unit: Thousand Baht)
Issued and Total
paid-up Share shareholders'
share capital premium Appropriated Unappropriated equity
Balance as at 1 January 2015 1,031,604 303,437 97,200 1,265,210 2,697,451
Total comprehensive income for the period - - - 407,481 407,481
Dividend paid (Note 13) - - - (340,429) (340,429)
Balance as at 30 September 2015 1,031,604 303,437 97,200 1,332,262 2,764,503
Balance as at 1 January 2016 1,031,604 303,437 103,161 1,441,378 2,879,580
Total comprehensive income for the period - - - 331,768 331,768
Dividend paid (Note 13) - - - (412,642) (412,642)
Balance as at 30 September 2016 1,031,604 303,437 103,161 1,360,504 2,798,706
-
The accompanying notes are an integral part of the financial statements.
Retained earnings
Separate financial statements
Advanced Information Technology Public Company Limited
Financial statements
in which
equity method Consolidated
is applied financial statements
2016 2015 2016 2015
Cash flows from operating activities
Profit before tax 407,076 506,857 420,358 509,906
Adjustments to reconcile profit before tax to net cash provided by
(paid from) operating activities
Unrealised gain from changes in value of current investments - (2,081) - (2,081)
Depreciation and amortisation 110,431 120,271 110,431 95,894
Allowance for doubtful accounts (Reversal) 21,026 (5,425) 21,026 (5,425)
Share of loss from investments in jointly controlled entities 13,282 10,218 - -
Provision for penalty on projects delay 25,200 40,420 25,200 40,420
Provision for long-term employee benefits 7,929 7,934 7,929 7,528
Loss (gain) on sales/write-off of equipment (29) 283 (29) 406
Gain on sales of equipment for services - (28) - -
Loss (gain) on sales of investment in subsidiary - (37,283) - 317
Unrealised loss (gain) on exchange 2,301 (1,182) 2,301 (1,182)
Interest paid 4,922 8,081 4,922 3,630
Profit from operating activities before changes in
operating assets and liabilities 592,138 648,065 592,138 649,413
Operating assets (increase) decrease
Trade and other receivables 65,826 22,089 65,826 30,834
Unbilled receivables (199,155) (32,371) (199,155) (32,399)
Inventories 236,717 (17,389) 236,717 (12,926)
Other current assets (55,582) 45,675 (55,582) 46,898
Other non-current assets (146) (1,469) (146) (744)
Operating liabilities increase (decrease)
Trade and other payables (227,882) 286,298 (227,882) 287,958
Unbilled payables (37,206) 87,858 (37,206) 87,858
Advanced receipts from customers 14,940 24,107 14,940 24,619
Cash paid for penalty on project delay (620) - (620) -
Other current liabilities (13,079) (13,373) (13,079) (13,714)
Cash from operating activities 375,951 1,049,490 375,951 1,067,797
Interest paid (3,710) (8,122) (3,710) (3,671)
Income tax paid (103,920) (128,682) (103,920) (126,061)
Net cash from operating activities 268,321 912,686 268,321 938,065
The accompanying notes are an integral part of the financial statements.
(Unaudited but reviewed)
(Unit: Thousand Baht)
Cash flow statement
For the nine-month period ended 30 September 2016
Separate financial statements
Advanced Information Technology Public Company Limited
Financial statements
in which
equity method Consolidated
is applied financial statements
2016 2015 2016 2015
Cash flows from investing activities
Decrease (increase) in current investments 504,834 (320,000) 504,834 (320,000)
Decrease in restricted bank deposits - 173 - -
Proceeds from sales of investments in subsidiary - 77,668 - 80,000
Cash paid for investments in subsidiary - - - (50,000)
Cash paid for investment in jointly-controlled entity (4,000) - (4,000) -
Proceeds from sales of equipment 41 475 41 306
Proceeds from sales of equipment for services - 200 - -
Cash payment for purchase building improvement, plant and equipment (31,517) (27,236) (31,517) (26,794)
Cash payment for purchase equipment for lease and services (1,170) (164,408) (1,170) (157,450)
Cash payment for purchase computer software (3,766) (4,507) (3,766) (4,285)
Net cash from (used in) investing activities 464,422 (437,635) 464,422 (478,223)
Cash flows from financing activities
Decrease in bank overdraft and short-term loans from
financial institutions - (8,395) - -
Cash receipt from long-term loans - 160,695 - 160,695
Repayment of long-term loans (38,850) (32,873) (38,850) (24,871)
Cash received from sales and lease back under
finance lease agreement 31,937 - 31,937 -
Decrease in liabilities under finance lease agreements (23,090) (15,057) (23,090) (14,054)
Dividend paid (412,462) (340,305) (412,462) (340,305)
Net cash used in financing activities (442,465) (235,935) (442,465) (218,535)
Net increase in cash and cash equivalents 290,278 239,116 290,278 241,307
Cash and cash equivalents at beginning of period 1,291,641 1,312,984 1,291,641 1,310,793
Cash and cash equivalents at end of period 1,581,919 1,552,100 1,581,919 1,552,100
- -
Supplemental cash flows information
Non-cash transactions
Purchase of building improvement and equipment for which
no cash has been paid 1,131 - 1,131 -
Purchase of equipment for lease for which no cash has been paid 12,040 - 12,040 -
Purchase of computer software for which no cash has been paid 375 - 375 -
The accompanying notes are an integral part of the financial statements.
Separate financial statements
(Unit: Thousand Baht)
(Unaudited but reviewed)
Cash flow statement (continued)
For the nine-month period ended 30 September 2016
(Unaudited but reviewed)
1
Advanced Information Technology Public Company Limited
Notes to interim financial statements
For the three-month and nine-month periods ended 30 September 2016
1. General information
1.1 Corporate information
Advanced Information Technology Public Company Limited (“the Company”) is a public
company incorporated and domiciled in Thailand. The Company is principally engaged in
the sale, design, installation, service, ongoing repair and maintenance, training and lump
sum turnkey for information and communication technology network systems and the
renting of computers and electronic equipment. The registered office of the Company is
at 37/2 Suthisarnvinijchai Road, Samsaennok, Huaykwang, Bangkok.
1.2 Basis for the preparation of interim financial statements
These interim financial statements are prepared in accordance with Thai Accounting
Standard No. 34 (revised 2015) “Interim Financial Reporting”, with the Company
choosing to present condensed interim financial statements. However, the Company has
presented the statements of financial position, comprehensive income, changes in
shareholders’ equity, and cash flows in the same format as that used for the annual
financial statements.
The interim financial statements are intended to provide information additional to that
included in the latest annual financial statements. Accordingly, they focus on new
activities, events and circumstances so as not to duplicate information previously
reported. These interim financial statements should therefore be read in conjunction with
the latest annual financial statements.
The interim financial statements in Thai language are the official statutory financial
statements of the Company. The interim financial statements in English language have
been translated from the Thai language financial statements.
1.3 New financial reporting standards
During the period, the Company has adopted the revised and new financial reporting
standards and accounting treatment guidance issued by the Federation of Accounting
Professions which become effective for fiscal years beginning on or after 1 January
2016. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards, with most of the changes
directed towards revision of wording and terminology, and provision of interpretations
and accounting guidance to users of standards. The adoption of these financial reporting
standards does not have any significant impact on the Company’s financial statements.
(Unaudited but reviewed)
2
1.4 Significant accounting policies
The interim financial statements are prepared using the same accounting policies and
methods of computation as were used for the financial statements for the year ended
31 December 2015.
2. Related party transactions
During the three-month and nine-month periods ended 30 September 2016, the
Company has no significant business transactions with related parties.
Directors and management’s remuneration
During the three-month and nine-month periods ended 30 September 2016 and 2015, the
Company and its subsidiaries have employee benefit expenses payable to their directors
and management as below. (Unit: Million Baht)
For the three-month periods ended 30 September
Related parties Related transactions
Financial
statements
in which
equity
method is
applied
Consolidated
financial
statements
Separate
financial statements
2016 2015 2016 2015
Audit committee Short-term employee benefits 0.5 0.4 0.5 0.4
Management and executive Short-term employee benefits 19.7 20.1 19.7 18.8
directors Post-employment benefits 1.9 1.9 1.9 1.9
Directors who are not members
of the audit committee or
management committee
Short-term employee benefits 0.3 0.3 0.3 0.3
(Unit: Million Baht)
For the nine-month periods ended 30 September
Related parties Related transactions
Financial
statements
in which
equity
method is
applied
Consolidated
financial
statements
Separate
financial statements
2016 2015 2016 2015
Audit committee Short-term employee benefits 5.3 6.1 5.3 6.1
Management and executive Short-term employee benefits 61.5 72.0 61.5 67.2
directors Post-employment benefits 5.7 5.7 5.7 5.7
Directors who are not members
of the audit committee or
management committee
Short-term employee benefits 6.8 8.2 6.8 8.2
(Unaudited but reviewed)
3
3. Trade and other receivables
(Unit: Thousand Baht)
30 September 2016 31 December 2015
Trade receivables
Aged on the basis of due dates
Not yet due 658,178 787,587
Past due
Up to 3 months 537,996 667,251
3-6 months 230,111 51,618
6-12 months 63,401 38,327
Over 12 months 91,734 98,749
Total trade receivables 1,581,420 1,643,532
Less: Allowance for doubtful accounts (72,910) (51,884)
Total trade receivables - net 1,508,510 1,591,648
Other receivable
Receivable under installment 676 4,390
Total other receivable 676 4,390
Total trade and other receivables - net 1,509,186 1,596,038
Most of the overdue trade receivables balances are those receivables from government
agencies and companies of which the government is a major shareholder. The Company’s
management believes that payment of these balances will be received in full and that the
above allowance for doubtful accounts is adequate in the current circumstance.
4. Investments in jointly controlled entities
(Unit: Million Baht)
Company’s name Nature of business
Country of
incorporation Shareholding percentage
Investment under
cost method
Investment under
equity method
30 September
2016
31 December
2015
30 September
2016
31 December
2015
30 September
2016
31 December
2015
(%) (%)
Loxley & AIT Holding
Co., Ltd.
Lump sum turnkey
contracting for the
installation of
communication tools,
electricity plants and
sales of related
equipment
Thailand 50.00 50.00 75 75 44 58
Genesis Data Center
Co., Ltd.
Data center service Thailand 33.33 - 4 - 4 -
79 75 48 58
(Unaudited but reviewed)
4
On 22 September 2016, the Company invested in 39,999 ordinary shares of Baht 100
each, totaling Baht 4 million or 33.33% of the issued and paid-up share capital of
Genesis Data Center Co., Ltd.
For the three-month and nine-month periods ended 30 September 2016, the Company
has recognised its share of loss from investments in jointly controlled entities in the
financial statements in which equity method is applied amounting to Baht 5.0 million
and Baht 13.3 million, respectively (2015: Consolidated financial statements of Baht
2.5 million and Baht 10.2 million, respectively).
5. Property, plant and equipment
(Unit: Thousand Baht)
Net book value as at 1 January 2016 125,887
Acquisitions during the period - at cost 32,648
Disposal/Write-off (12)
Depreciation for the period (32,876)
Net book value as at 30 September 2016 125,647
6. Equipment for lease
(Unit: Thousand Baht)
Net book value as at 1 January 2016 246,664
Acquisitions during the period - at cost 13,210
Depreciation for the period (75,417)
Net book value as at 30 September 2016 184,457
As at 30 September 2016, the Company has equipment for lease acquired under sales
and lease back agreement which regarded as finance lease agreement (Note 10), with
net book values amounting to approximately Baht 27 million (31 December 2015:
None).
7. Intangible assets
(Unit: Thousand Baht)
Net book value as at 1 January 2016 21,979
Acquisitions during the period - at cost 4,141
Amortisation for the period (2,138)
Net book value as at 30 September 2016 23,982
(Unaudited but reviewed)
5
8. Trade and other payables
(Unit: Thousand Baht)
30 September 2016 31 December 2015
Trade payables
Related party - 1
Unrelated parties 306,740 598,711
Total trade payables 306,740 598,712
Other payables 25,618 4,283
Accrued expenses 198,092 142,170
Total trade and other payables 530,450 745,165
9. Long-term loans
(Unit: Million Baht)
30 September 2016 31 December 2015
Long-term loans 93 132
Less: Portion due within one year (51) (52)
Long-term loans, net of current portion 42 80
Movements in the long-term loans account during the nine-month period ended
30 September 2016 are summarised below.
(Unit: Million Baht)
Balance as at 1 January 2016 132
Less: Repayment (39)
Balance as at 30 September 2016 93
The loan agreements contain certain covenants which, among other thing, require the
Company to maintain certain debt to equity ratios and debt service coverage ratios at
the rate presented in to the agreements.
(Unaudited but reviewed)
6
10. Liabilities under finance lease agreements
(Unit: Million Baht)
30 September 2016 31 December 2015
Liabilities under finance lease agreements 59 49
Less: Deferred interest expenses (2) (1)
Total 57 48
Less: Portion due within one year (19) (23)
Liabilities under finance lease agreements,
net of current portion 38 25
In January 2016, the Company entered into an agreement to sales and lease back
equipment for lease totaling Baht 32 million. This agreement is regarded as finance
lease agreement. The liabilities under the agreement are payable on monthly basis.
The term of agreement is generally 5 years. Upon the expiration of the agreement, the
Company has the right to purchase the equipment at prices specified in the agreement.
As at 30 September 2016, the Company has future minimum lease payments required
under the finance lease agreements as follows:
(Unit: Million Baht)
Less than
1 year 1 - 5 years
Total
Future minimum lease payments under finance
lease agreements 20 39 59
Deferred interest expenses (1) (1) (2)
Present value of future minimum lease payments
under finance lease agreements 19 38 57
(Unaudited but reviewed)
7
11. Income tax
Interim corporate income tax was calculated on profit before income tax for the period,
using the estimated effective tax rate for the year.
Income tax expenses for the three-month and nine-month periods ended 30 September
2016 and 2015 are made up as follows:
(Unit: Thousand Baht)
For the three-month periods ended 30 September
Financial
statements in
which equity
method is applied
Consolidated
financial
statements Separate financial statements
2016 2015 2016 2015
Current income tax:
Interim corporate income tax charge 33,588 22,655 33,588 22,655
Deferred tax:
Relating to origination and reversal
of temporary differences (4,468) (1,534) (4,468) (1,226)
Income tax expense reported in
the statements of
comprehensive income 29,120 21,121 29,120 21,429
(Unit: Thousand Baht)
For the nine-month periods ended 30 September
Financial
statements in
which equity
method is applied
Consolidated
financial
statements Separate financial statements
2016 2015 2016 2015
Current income tax:
Interim corporate income tax charge 100,237 108,766 100,237 108,766
Deferred tax:
Relating to origination and reversal
of temporary differences (11,647) (7,571) (11,647) (6,341)
Income tax expense reported in
the statements of
comprehensive income 88,590 101,195 88,590 102,425
(Unaudited but reviewed)
8
12. Basic earnings per share
Basic earnings per share is calculated by dividing profit for the period attributable to
equity holders of the Company (excluding other comprehensive income) by the
weighted average number of ordinary shares in issue during the period.
13. Dividends
Dividends Approved by
Total
dividends
Dividend per
share
(Million Baht) (Baht)
Final dividends of 2014 Annual General Meeting of the
Company’s shareholders held on
10 April 2015 227.0
1.10
Interim dividends of 2015 Board of Directors’ meeting of the
Company held on 6 August 2015 113.4 0.55
340.4 1.65
Final dividends of 2015 Annual General Meeting of the
Company’s shareholders held on
8 April 2016 309.5 1.50
Interim dividends of 2016 Board of Directors’ meeting of the
Company held on 11 August 2016 103.1 0.50
412.6 2.00
14. Segment information
Operating segment information is reported in a manner consistent with the internal
reports of the Company that are regularly reviewed by the chief operating decision
maker in order to make decisions about allocation of resources to the segment and
access its performance. The chief operating decision maker has been identified as the
Company’s Board of Directors.
The Company’s business operations involve 2 principal segments: (1) sales and
service and (2) rental of equipment. These operations are mainly carried on in
geographical area of Thailand. The Company measured segment performance based
on operating profit or loss, on a basis consistent with that used to measure operating
profit or loss in the financial statements. During the three-month and nine-month
periods ended 30 September 2016 and 2015, there were no material activities
pertaining to rental segment. For this reason, financial information has not been
presented by either industry segment or geographical area.
(Unaudited but reviewed)
9
15. Commitments and contingent liabilities
15.1 Operating lease commitments
The Company has entered into lease agreements in respect of leases of buildings and
motor vehicles. The terms of the agreements are generally between 1 to 3 years.
The Company has future minimum lease payments required under these operating
leases agreements as follows:
(Unit: Million Baht)
30 September 2016 31 December 2015
Payable within
Less than 1 year 9 9
1 to 3 years 11 16
15.2 Obligations to sales and services in accordance with contracts
1. The Company has engaged in undelivered and unrendered contracts of selling
goods and rendering services to its customers of approximately Baht 1,091 million
(31 December 2015: Baht 1,562 million).
2. The Company has engaged in various contracts, totaling contract value of future
service rendering of Baht 360 million (31 December 2015: Baht 344 million), to lease
the electronic equipment to companies of which the government is a major
shareholder, government agencies, and various private companies. The Company
has obliged to complete the equipment installation and render maintenance services
of these equipment in accordance with conditions stipulated in the contracts.
15.3 Guarantees
As at 30 September 2016, there were outstanding bank guarantees, guaranteed by the
Company of approximately Baht 917 million (31 December 2015: Baht 1,088 million)
on behalf of the Company and consortium, in respect of certain performance bonds as
required in the ordinary course of its business. These included letters of guarantee
amounting to Baht 915 million (31 December 2015: Baht 1,086 million) to guarantee
contractual performance and Baht 2 million (31 December 2015: Baht 2 million) to
guarantee payments due to creditors.
(Unaudited but reviewed)
10
16. Fair value hierarchy
As at 30 September 2016, the Company has the assets and liabilities that were
measured at fair value as level 2 of inputs as follows:
(Unit: Million Baht)
Assets measured at fair value
Highly liquid investments - Unit trusts in fixed income open-ended fund 871
Liabilities measured at fair value
Payables under forward contracts 3
17. Financial instruments
As at 30 September 2016, the Company has outstanding balance of trade payables
denominated in foreign currency of USD 6.5 million (31 December 2015: USD 8.3
million), and has outstanding buying forward exchange contracts which has been made to cover the purchase of inventories totaling USD 7.5 million (31 December 2015: USD
6.8 million), at exchange rates ranging between Baht 34.73 to 35.81 per USD
(31 December 2015: Baht 34.96 to 36.34 per USD).
18. Approval of interim financial statements
These interim financial statements were authorised for issue by the Company’s Board
of Directors on 8 November 2016.